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Rural Money Payday Lenders Target Minority And Rural Communities

Rural Money Payday Lenders

A Fox Guarding The Hen House Is Like A Bank With A Security Guard Rural money payday lenders target minority and rural communities and are perhaps the most visible and menacing form of alternate financial service in these areas. However, online lenders such as LendUp.com could be the exception for personal loans (do your due diligence/intelligence). Lenders tend to be largely concentrated within poorer minority communities. A drive through minority neighborhoods clearly indicates that people of color, regardless of income, are a target market for legalized extortion. Payday lending is an economic drain that threatens the livelihoods of hardworking families and strips wealth from entire communities. Likely due to the combination of sporadic employment and underemployment caused by the recession, payday lending storefronts have exploded in number. An industry estimate reports that in 2010 there were approximately 19,700 payday stores nationwide, which issued $29.3 billion in cash advance loans. There are more…

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